Voya Investment Management LLC Sells 108,723 Shares of Truist Financial Corporation $TFC

Key Points

• Voya Investment Management LLC has reduced its holdings in Truist Financial Corporation by 29.3%, selling 108,723 shares and owning 261,974 shares valued at approximately $10.78 million.
• Several institutional investors have increased their stakes in Truist Financial, with Victory Capital Management Inc. boosting its position by 922.9%, now owning over 6.6 million shares worth approximately $274 million.
• Truist Financial recently announced a quarterly dividend of $0.52, providing investors with a yield of 4.7%, reflecting a modest payout ratio of 56.68%.

Voya Investment Management LLC cut its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 29.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 261,974 shares of the insurance provider's stock after selling 108,723 shares during the quarter. Voya Investment Management LLC's holdings in Truist Financial were worth $10,780,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR boosted its holdings in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the last quarter. Motco increased its holdings in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares during the last quarter. Meeder Asset Management Inc. lifted its position in Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after purchasing an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

NYSE TFC traded down $0.11 during midday trading on Friday, hitting $45.97. The company had a trading volume of 19,223,350 shares, compared to its average volume of 7,549,722. The stock has a market cap of $59.28 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 1.72 and a beta of 0.88. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a fifty day simple moving average of $45.02 and a two-hundred day simple moving average of $41.75.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the firm earned $0.91 earnings per share. Truist Financial's quarterly revenue was down 406.0% on a year-over-year basis. Equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a report on Tuesday, July 8th. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $48.47.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company's stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.